Acquisition of an existing 76-unit apartment community in Alexandria, Virginia.
Implementing a value-add strategy on an existing apartment community.
The 76-unit garden-style community, which was built in 1965, is located in Alexandria, Virginia at the main entrance to Fort Belvoir. Fort Belvoir is a primary economic driver in the Alexandria-Fairfax County marketplace.
Insight and partner Fundrise acquired Canterbury Square in June of 2016 for $9,700,000. Upon acquisition, Insight began to re-brand the property and implement a value-add program to the property’s units, exteriors and landscaping.
The plan is to own and operate the asset for long-term cash flow. The Canterbury acquisition is the first of many value-add opportunities planned to be acquired by the Insight/Fundrise venture. The venture goal is to acquire assets totaling $200,000,000 per year.